Elliott wave analysis of GBP/JPY for June 6, 2019

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The recovery from 136.53 does look promising indicating more upside pressure once the ongoing correction is complete. This correction could move a bit closer to 137.05 before renewed upside pressure should be expected for a re-test of minor resistance at 137.79 and a break above here, will confirm that wave 2 completed with the test of 136.53 and a new impulsive rally is building for an ultimate break above 148.87.

R3: 138.46

R2: 138.01

R1: 137.79

Pivot: 137.44

S1: 137.05

S2: 136.84

S3: 136.53

Trading recommendation:

We are long GBP from 137.50 with our stop placed at 136.50.

The material has been provided by InstaForex Company - www.instaforex.com